NBIS vs DELL Stock Comparison: AI Score, Valuation, Performance and Upside
Nebius is a pure-play AI cloud operator valued on growth and future compute demand, while Dell is a diversified hardware company where AI server sales are a fast-growing but still partial contributor to a much larger, lower-margin business. Nebius offers more direct, higher-beta exposure to the AI infrastructure buildout; Dell offers a steadier, more diversified way to participate in the same trend with legacy business as ballast. The right pick depends on whether an investor wants concentrated AI cloud growth or diversified AI-adjacent hardware exposure.
Use this comparison to weigh a high-growth, high-valuation AI cloud pure-play (Nebius) against a large, diversified hardware incumbent with a growing AI server business (Dell), rather than expecting the two to move on the same drivers.
DELL holds the edge across 4 of 5 key metrics in this comparison. DELL leads on both 1-year return (+244.69%) and forward P/E quality (20.37x vs -69.78x for NBIS), a relatively favorable combination of momentum and valuation. On fundamentals, NBIS is growing revenue faster (454.00%), while DELL maintains the higher operating margin (8.86%) — a classic growth-versus-profitability split. Analyst consensus implies meaningfully more upside for NBIS (+37.05%) than for DELL (+11.84%).
- Want concentrated exposure to AI cloud compute demand rather than a mix of legacy hardware
- Are comfortable with elevated valuation multiples tied to sustained hypergrowth
- Believe GPU cloud capacity will remain supply-constrained for years
- Can tolerate significant share price volatility
- Prefer a diversified, cash-generative technology business with an AI growth kicker
- Want exposure to AI server demand without pure-play cloud valuation risk
- Value an established enterprise customer base and global distribution
- Are comfortable with lower overall growth in exchange for more balance sheet stability
| Metric | NBIS | DELL |
|---|---|---|
| AI score | 72.8 | 90.5 |
| AI rank | #29 | #3 |
| Latest close | $209.18 | $456.24 |
| 1M return | +41.13% | +23.43% |
| 6M return | +99.45% | +277.45% |
| 1Y return | +190.37% | +244.69% |
How much would $10,000 be worth today if invested at the start of each period, with all dividends reinvested?
| Period | NBIS | DELL |
|---|---|---|
| 1Y ago | $29.04K (+190.4%) started 2025-08-28 | $34.91K (+249.1%) started 2025-08-28 |
| 5Y ago | $104.59K (+945.9%) started 2024-10-21 | $111.59K (+1015.9%) started 2021-08-30 |
| 10Y ago | $104.59K (+945.9%) started 2024-10-21 | $427.21K (+4172.1%) started 2016-08-29 |
Hypothetical — past performance does not guarantee future results.
| Metric | NBIS | DELL |
|---|---|---|
| Market cap | $56.87B | $294.8B |
| Trailing P/E | N/A | 37.58 |
| Forward P/E | -69.78 | 20.37 |
| Price/Sales | 41.96 | 2.20 |
| EV/Revenue | 43.90 | 2.36 |
| Analyst target | $286.69 | $510.26 |
| Target upside | +37.05% | +11.84% |
| Metric | NBIS | DELL |
|---|---|---|
| Revenue growth | 454.00% | 87.50% |
| Earnings growth | N/A | 282.50% |
| EPS growth | N/A | +282.50% |
| FCF margin | -709.52% | +4.06% |
| Operating margin | -0.22% | 8.86% |
| Profit margin | 3.13% | 6.28% |
| ROIC proxy | 0.60% | N/A |
| Return on equity | 0.60% | N/A |
| Dividend yield | 0.00% | 0.53% |
| Beta | 1.43 | 1.40 |
| Debt/equity | 98.60 | N/A |
| Current ratio | 4.03 | 0.95 |
| Quick ratio | 3.60 | 0.61 |
Lower drawdown and smaller single-period drops generally indicate a smoother ride, though they do not guarantee lower future risk.
| Period | Metric | NBIS | DELL |
|---|---|---|---|
| 1Y | Growth | +190.37% | +244.69% |
| CAGR | +190.58% | +244.98% | |
| Sharpe ratio | 1.42 | 2.00 | |
| Max drawdown | 48.30% | 32.34% | |
| Max daily drop | 17.01% | 9.80% | |
| Max wkly drop | 32.06% | 16.33% | |
| 5Y | Growth | +945.90% | +909.60% |
| CAGR | +255.50% | +58.88% | |
| Sharpe ratio | 1.63 | 1.05 | |
| Max drawdown | 58.27% | 59.59% | |
| Max daily drop | 37.44% | 18.99% | |
| Max wkly drop | 32.06% | 23.19% | |
| 10Y | Growth | +945.90% | +3765.22% |
| CAGR | +255.50% | +44.14% | |
| Sharpe ratio | 1.63 | 0.94 | |
| Max drawdown | 58.27% | 59.59% | |
| Max daily drop | 37.44% | 21.64% | |
| Max wkly drop | 32.06% | 23.70% |
| Category | NBIS | DELL |
|---|---|---|
| Company | Nebius Group N.V. | Dell Technologies Inc. |
| Sector | Technology / AI Infrastructure | Technology / IT Hardware |
| Industry | N/A | N/A |
| Core business | Nebius builds and operates vertically integrated GPU cloud infrastructure and data centers across Europe and North America for AI training and inference workloads. | Dell designs and sells servers, storage systems, PCs, and infrastructure solutions to enterprises, including AI-optimized servers built around leading GPU platforms. |
| Investor focus | Investors track AI cloud revenue growth, new hyperscaler and enterprise compute contracts, and the pace of data center capacity buildout relative to capital spend. | Investors focus on AI server backlog and shipments, margins in the infrastructure solutions group, and the health of the traditional PC and enterprise storage businesses. |
- Triple-digit percentage growth in AI cloud revenue as demand for GPU capacity outstrips supply
- Multi-billion-dollar, multi-year compute agreements with large AI labs and cloud partners
- Pure-play positioning in one of the fastest-growing segments of the AI infrastructure market
- Established enterprise relationships and global supply chain give it scale advantages in AI server delivery
- Diversified revenue across servers, storage, and client devices reduces single-segment risk
- Growing AI-optimized server backlog provides a visible growth driver alongside legacy hardware
- Valuation embeds years of hypergrowth, leaving little room for a demand slowdown
- Heavy ongoing capital expenditure required to keep expanding data center capacity
- Much smaller and less diversified revenue base than large established technology companies
- Traditional PC and storage segments carry lower growth and margin than the AI server business
- Server hardware is a lower-margin, more commoditized position in the AI value chain than cloud or chip providers
- Reliant on GPU supply from chip partners, which can create component and timing constraints
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